Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0231%/8h= −25.3% APRpaid last 24h −0.091%

Price spread now: HTX against Phoenix−0.011%72s7-day average −0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs−$85as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$440.442% of the position

Long on Phoenix Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.412%−$41 on $10k

Price spread, last 4 days (all we have)+0.072%+$7 · spread now −0.011%, 7d avg −0.012%

Together, before fees−0.340%−$34 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.012%, so right now this pair is about funding alone: −$7 a day on $10k at the current rate. The two prices were read 72 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MU	1,041	0.0231	pay 0.0029% / 1h	7m 44s	$532K	$270K	15x
Short	HTX MU-USDT	1,040.9	0	get 0.0000% / 8h	2h 07m	$128K	$442K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Phoenix. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee PhoenixbpFee HTXbpOrdersPrice spread, now −0.011%Rate

Funding earned: −$48.45
Price spread: −0.011% → −0.012%: $0.19
Slippage, 4 orders: −$25.2
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$92.46
Costs to cover: 0.442%
Break-even: never at this rate

Slippage from Phoenix: live order book, 40 min ago; HTX: live order book, 41 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Phoenix live order book, 40 min ago	3.84 bp	12.2 bp −$12	26.7 bp −$267	doesn't fit	doesn't fit
Sell HTX live order book, 41 min ago	3.16 bp	10.6 bp −$11	10.8 bp −$108	17.5 bp −$1,749	doesn't fit

MU on 37 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX MUUSDC	−0.0827%	4h	1,040.2	−0.078%	$1.3M	$671K	10x	as long as short
Bitget MUUSDT	−0.0128%	8h	1,041.3	+0.031%	$20.3M	$41.2M	50x	as long as short
Aster MUUSD1	0.0000%	8h	1,041.5	+0.052%	$21.2M	$57.2M	20x	as long as short
Binance MUUSDT	0.0000%	8h	1,041.5	+0.049%	$122.2M	$536.2M	50x	as long as short
Bybit MUUSDT	0.0000%	8h	1,041.4	+0.036%	$18.7M	$32.2M	100x	as long as short
OKX MU-USDT-SWAP	0.0000%	8h	1,041.2	+0.016%	$30.0M	$101.7M	50x	as long as short
RISEx MU/USDC	0.0000%	1h	1,041.4	+0.039%	$316K	$382K	20x	as long as short
Gate MU_USDT	0.0000%	8h	1,041	+0.002%	$61.6M	$28.6M	75x	as long as short
Variational Omni MU	0.0000%	8h	1,040.3	−0.067%	$2.5M	$2.5M	—	as long as short
GRVT MU_USDT_Perp	0.0000%	8h	1,040.7	−0.024%	$84K	$1.4M	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
StandX MU-USD	0.0000%	1h	1,040.6	−0.035%	$188K	$3.5M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,042.5	+0.141%	$11K	$5.7M	10x	as long as short
Deribit MU_USDC-PERPETUAL	0.0000%	1h	1,040.9	−0.009%	$74K	$531K	10x	as long as short
HTX MU-USDTshort	0.0000%	8h	1,040.9	−0.011%	$128K	$442K	50x
Aftermath Perps MUUSD	+0.0015%	1h	1,039.2	−0.171%	$3K	$44K	10x	as long as short
Nado MU-PERP	+0.0021%	1h	1,040.8	−0.019%	$278K	$816K	10x	as long as short
QFEX MU-USD	+0.0023%	1h	1,041	+0.004%	$7.0M	$18.3M	10x	as long as short
Lighter RH MU	+0.0032%	1h	1,041.4	+0.035%	$1.2M	$4.6M	10x	as long as short
Extended MU_24_5-USD	+0.0032%	1h	1,040.6	−0.037%	$544K	$1.1M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,051.4	+0.995%	$19K	$5K	12x	as long as short
Bullet MU-USD	+0.0036%	1h	1,041.2	+0.018%	$26K	$390K	10x	as long as short
Arcus MU-USD	+0.0040%	1h	1,039.8	−0.120%	$70K	$231K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,041.3	+0.031%	—	$175K	25x	as long as short
tradeXYZ xyz:MU	+0.0050%	1h	1,041.2	+0.019%	$177.1M	$90.7M	10x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,040.9	−0.010%	$169K	$203K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,040.9	−0.010%	$683K	$15K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,040.5	−0.053%	$1.9M	$2.5M	10x	as long as short
Paradex MU-USD-PERP	+0.0054%	8h	1,041.1	+0.013%	$2K	—	5x	as long as short
Aevo MU-PERP	+0.0080%	1h	1,040.5	−0.051%	$32K	$1K	10x	as long as short
Pacifica MU	+0.0100%	1h	1,040.9	−0.009%	$148K	$189K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,040.7	−0.027%	$5.2M	$3.8M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,040.8	−0.024%	$71K	$269K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,040.9	−0.012%	$827	$799	20x	as long as short
Lighter MU	+0.0104%	1h	1,041.6	+0.055%	$1.1M	$5.0M	20x	as long as short
BloFin MU-USDT	+0.0120%	8h	1,040.7	−0.031%	$1.4M	$2.1M	20x	as long as short
Coinbase International MU-PERP-INTX	+0.0144%	1h	1,036	−0.483%	$731K	$1.3M	10x	as long as short
Phoenix MUlong	+0.0231%	1h	1,041	long leg	$532K	$270K	15x